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Financial planning for your adult kids?

My eldest son is 26 (and he works professionally in Ames, I'm happy to say); lately, he's developed a strong interest planning his financial future. I told him I'd ask fellow listees at CF if they'd care to mention their favorite financial planning resources. So, if you do, I thank you.

Mankind, when left to themselves, are unfit for their own government.-George Washington

Re: Financial planning for your adult kids?

Vanguard.com, just go there, setup an automated monthly investment in a long term fund and forget all about it. Periodically add more and more monthly investment as you get raises. He will retire a multi millionaire if he starts now. I wish I had started more when I first started working. I only did my 401k back then.

Re: Financial planning for your adult kids?

I second the Vanguard route. I started saving when I was 25, so just about his age.

I started by maxing out a Roth IRA by investing about $100/week which was pretty painless. Vanguard has some great Target Retirement Date funds, so if he wants to work until he is 66 just pick the fund that has a 40 year horizon and it will automatically switch from stocks to bonds as he ages.

Also, I put about another $100/week into Vanguard brokerage firm where stock trades are only $2(!) and free if the stock is managed by Vanguard. This really adds up and in reality he knows he'd blow 1-200 going out a few times per week.

Re: Financial planning for your adult kids?

Originally Posted by Cycl1

Dave Ramsey FPU

I agree that Dave Ramsey's Financial Peace University is the best way to go. I'm a trader for a living and still say FPU is by far the way to go for nearly all Americans. Its program is based on eliminating debt, building a safety fund, then building wealth.

Re: Financial planning for your adult kids?

I'll echo the Vanguard recommendation. Lowest mgm't fees of major houses and very large catalog of funds and etf's. We've been account holders for nearly 20 yrs.

I would add on other recommendation to the above comments though. Go read! Get smart! Become an active participant in the planning process even if you hire an advisor. Don't just take their advice without fully understanding where they want to take your money and why.

We're Wall Street Journal 'products' fans. The paper itself can be dry at times, but Barrons and Smart Money magazine are good for personal investors. They've just quit printed Smart Money mag., but info and insight is still available on on-line. Learn the lingo!

Re: Financial planning for your adult kids?

Originally Posted by Triggermv

I agree that Dave Ramsey's Financial Peace University is the best way to go. I'm a trader for a living and still say FPU is by far the way to go for nearly all Americans. Its program is based on eliminating debt, building a safety fund, then building wealth.

yeah, it isnt too fancy, and Dave would even recommend getting a financial adviser, but it lays out a straight forward way to success through traditional common sense means, and understanding how people view and use money. Have a zero budget, assign a name to every dollar, and tell it where to go. Use cash, on average you will spend less. stuff like that. It might not be the most savvy, but following his guidelines will help make you as prepared as is reasonable for what life can throw at you.

Re: Financial planning for your adult kids?

Originally Posted by CyValley

My eldest son is 26 (and he works professionally in Ames, I'm happy to say); lately, he's developed a strong interest planning his financial future. I told him I'd ask fellow listees at CF if they'd care to mention their favorite financial planning resources. So, if you do, I thank you.

Re: Financial planning for your adult kids?

1 - Would you recommend an adult education course in investing at a local community college? (What's near Ames?)
2 - Magazine recommendation, Money? Kiplinger? Other?

Thanks again.

No, unless his plan is to be a full time trader. 100ish bucks for financial peace university, and find a financial adviser with the heart of a teacher. Make sure you dont buy if you dont understand how it works.

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